Chandler signed a five-year, $27 million contract with the Falcons after the Super Bowl. Following the 2000 season, Chandler's record as a starting Atlanta quarterback was 28-25, which prompted the Falcons to consider recruiting a new quarterback. Atlanta held the fifth overall pick in the 2001 draft, and traded the pick to the San Diego Chargers, along with Tim Dwight, a third round pick in 2001, and a 2002 second round pick (which became Reche Caldwell). In return, Atlanta received the first overall pick in the 2001 draft, which they used to select quarterback Michael Vick. Still, Chandler started most of the 2001 season and finished with 2,847 passing yards, the second highest of his career. In 2002, he was replaced by Vick as the starting quarterback. Due to mediocre play, bloated salary, and being replaced by Vick, the Falcons opted to make Chandler eligible for selection by the Houston Texans in the 2002 Expansion Draft, with hopes of Chandler being picked up by the new team. Chandler left the Falcons ranked third in team history with 13,268 passing yards, but never achieved back-to-back winning seasons.